FOR IMMEDIATE RELEASE
CALGARY, Alberta (December 2, 2013) – Pason Systems Inc. (TSX: PSI) announces that Mr. James D. Hill, Chairman of the Board, has elected to close a certain monetization transaction that was previously announced by settling the transaction in shares. As disclosed in the news release issued on November 30, 2011, Mr. Hill entered into a transaction to monetize 1.5 million PSI shares with a Canadian chartered bank, which involved forward contracts with that bank. That transaction comes due on December 2, 2013, requiring Mr. Hill to settle in cash or settle by releasing the 1.5 million shares that were pledged as collateral under the monetization transaction. Mr. Hill has advised Pason and the bank that he intends to settle the transaction with the pledged shares previously delivered to the bank as collateral.
The 1.5 million PSI shares subject to this transaction represent less than 2% of the total share capital of Pason. After settling the transaction, 14,367,380 PSI shares will be controlled by Mr. Hill representing 18% of the outstanding common shares of PSI.
Pason Systems Inc.
Pason Systems Inc. is a leading global provider of specialized data management systems for drilling rigs. Our solutions, which include data acquisition, wellsite reporting, remote communications, and web-based information management, enable collaboration between the rig and the office. Pason’s common shares trade on the Toronto Stock Exchange under the symbol PSI.
For more information about Pason Systems Inc., visit the company’s website at www.pason.com or contact:
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